Tan Boon Liat Building, a 15-storey industrial property located at the junction of Outram Road and Zion Road, is up for its second collective sale. Cushman & Wakefield, acting as the exclusive adviser and marketing agent, has launched the site for public tender at a reserve price of $1b, following over 80% owner consensus. The tender is set to close on 12 May 2026.
The freehold site, positioned above the Havelock MRT Station, spans 13,103.8 square metres and includes two separate land plots. The Urban Redevelopment Authority (URA) has advised a rezoning from “Business 1” to “Residential with Commercial at the 1st storey,” increasing the plot ratio from 3.1 to 4.9. This change allows a 50% uplift in the total allowable gross floor area.
Additionally, three remnant state land plots, totalling approximately 1,365 square metres, are to be amalgamated with the main plot, bringing the total site area to about 16,318.9 square metres. The potential gross floor area, including bonus entitlements, exceeds 95,166.22 square metres. The development can support up to 1,500 square metres of commercial space on the first storey, with a minimum of 10,000 square metres designated for serviced flats.
Christina Sim, Senior Director of Capital Markets at Cushman & Wakefield, noted the site’s unique appeal, citing its freehold status and location on the Thomson-East Coast line. She highlighted the absence of Additional Buyer’s Stamp Duty due to its original zoning, making it an attractive investment opportunity.
The tender for the site will conclude on 12 May 2026 at 3.00 pm.
